John Reosti is a reporter covering community banks in particular and the financial services industry in general. He also focuses on the Small Business Administration, the National Credit Union Administration Board and issues connected to the CECL accounting standard.
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Since 1982, the Small Business Administration's 7(a) program has been restricted almost entirely to banks and credit unions. A proposed rule would open it to fintech lenders.
October 18 -
The San Francisco bank reported a near-record volume of loan originations, as well as stellar credit quality, in the third quarter. But investors sold off shares after the company's net interest margin fell.
October 14 -
Huntington Bancshares in Ohio has recruited its new managing director of commercial specialty banking as well as its new corporate treasurer from rival regional banks.
October 13 -
Sterling Bancorp is suing its founder and former CEO, Scott Seligman, to get him to repay dividends it alleges are tied to his influence over its problematic Advantage Loan program. The lawsuit claims Seligman was so controlling he even used a robot — nicknamed the "Scott Bot" — to surveil employees.
October 12 -
Walden Mutual in New Hampshire is targeting a mid-November opening after winning final approval for its deposit insurance application from the Federal Deposit Insurance Corp.
October 11 -
After resolving a longstanding consent order from the Office of the Comptroller of the Currency and a shareholder lawsuit, Sterling Bank's CEO — an experienced turnaround artist — says the bank is largely done fixing the fallout from its fraud-ridden Advantage Loan program.
September 30 -
The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.
September 27 -
Following an outcry, the Philadelphia company said its chairman and CEO, Harry Madonna — who would receive a $1 million windfall if the bank is sold — won't be part of the strategic review committee set up to evaluate any bids.
September 26 -
Vermont State Employees Credit Union is attracting new cannabis clients so rapidly that it had to press the pause button to add staff. Another New England lender, Needham Bank, is building its own pot banking business through acquisition.
September 26 -
After a bruising proxy fight that led to the ouster of the Philadelphia bank's former chairman and CEO Vernon Hill, remaining stakeholders find themselves in disagreement over a potential sale of the the company.
September 19
